Ethereum posts all-time high of $4375 on Binance

On Binance, the price of the second-largest cryptocurrency by market cap briefly reached $4375. It failed to hold the level, and as of writing Ethereum trades near $4280.

According to CoinGecko, the price of Ethereum rose by more than 11% over the 24-hour period. The cryptocurrency’s market capitalization surpassed $508 billion. The 24-hour trading volume stood at $31.57 billion.

The previous record price for Ethereum was set in May. At that time, prices reached the $4350.

The new high comes amid the SEC approving several bitcoin futures ETFs. Last week the approval went to ProShares, this week to VanEck and Valkyrie Investments.

In August 2021, the London upgrade was activated on the Ethereum network, which entails burning part of the transaction fees. According to ultrasound.money, since then the protocol has burned more than 588 577 ETH (~$2.5 billion at the rate at the time of writing) — of which 251 500 were burned in the last 30 days.

The daily burn rate correlates with the price of the cryptocurrency. For example, on September 3, when Ethereum prices surged toward $4000, the asset’s issuance for the first time took on negative value.

Earlier billionaire Mark Cuban stated that Ethereum possesses the greatest investment potential among leading digital assets.

As noted, Ethereum founder Vitalik Buterin допустил превосходство своего проекта над биткоином в качестве защитного актива.

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